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BENEFIT PLANS
 9 Months Ended
Jan. 31, 2025
BENEFIT PLANS  
BENEFIT PLANS

(10)          BENEFIT PLANS

401(k)

Refer to Note 11 to the consolidated financial statements contained in the 2024 Form 10-K for detail regarding the Company’s 401(k) plan and Simple IRA plan. The Company accrued $31,000 and $94,000 for its 401(k) employer contribution during the three and nine months ended January 31, 2025. The Company accrued $26,000 and $64,000 for its Simple IRA employer contribution during the three and nine months ended January 31, 2024. The Company’s Simple IRA plan was terminated in December 2023. During the three and nine months ended January 31, 2025, the Company utilized $92,000 of restricted cash to fund its 401(k) employer contribution for the calendar year ended December 31, 2024.

Equity compensation plan

Refer to Note 11 to the consolidated financial statements contained in the 2024 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity for the nine months ended January 31, 2025 presented below represents the maximum number of shares that could become vested after that date:

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Number of

Restricted share awards

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Shares

Non-vested as of April 30, 2024

 

30,468

Granted during the nine months ended January 31, 2025

 

16,140

Vested during the nine months ended January 31, 2025

 

(14,666)

Forfeited during the nine months ended January 31, 2025

 

—

Non-vested as of January 31, 2025

 

31,942

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The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $88,000 and $227,000 for the three and nine months ended January 31, 2025 and $67,000 and $170,000 for the three and nine months ended January 31, 2024. As of January 31, 2025, there was $311,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years.

Refer to Note 11 to the consolidated financial statements contained in the 2024 Form 10-K for detail regarding the option to purchase 50,000 shares of common stock of the Company under the Equity Plan. As of January 31, 2025, the option had not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $13,000 and $38,000 for the three and nine months ended January 31, 2025 and $13,000 and $38,000 for the three and nine months ended January 31, 2024. As of January 31, 2025 and January 31, 2024, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share.

Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over each director’s service in office during the calendar year, was $23,000 and $68,000 for the three and nine months ended January 31, 2025 and $23,000 and $68,000 for the three and nine months ended January 31, 2024. As of January 31, 2025, there was $8,000 of accrued compensation expense related to the deferred common share units expected to be issued in December 2025. As of January 31, 2024, there was $8,000 of accrued compensation expense related to the deferred common share units issued in December 2024.

Pension Plan

In connection with the termination of the Company’s defined benefit pension plan, $1,230,000 of income tax effects that remained in accumulated other comprehensive income (loss) were reclassified to a benefit for income taxes during the nine months ended January 31, 2025. Refer to Note 11 to the consolidated financial statements contained in the 2024 Form 10-K for detail regarding accumulated other comprehensive income (loss).